In all likelihood you are correct, that is the plan, and yet there is no request to exit bankruptcy at the current time. There is an omnibus court date for February, but exiting BK is not on the agenda yet. They have until mid March to exit before they have to submit a new POR or get the existing POR extended if not implemented. Until its implemented common exists and obviously is being traded. All that needs to happen is for a couple of bank settlements to occur and the dog and pony show starts all over again. I am not one of those that think that will happen and believe a fool and his money are soon parted, but if someone wants to play the lottery, this is it.
Won't let me post the link but if you go out to kccllc net and look up Ambac and then go to documents you will get every document you need about the bankruptcy case including last POR, and scheduled court dates.